Updates to Tesla Model Y and ride-share plans

Teslasaid net income reached $311.5 million on revenue that more than doubled year-on-year to $6.8 billion in the quarter that ended September 30.

Tesla has made significant progress on a Model Y, with a prototype set for production, and is continuing to develop an electric semi truck as well as a new roadster model, Musk said.

However the massive burn rate Tesla suffered in 2017 and early 2018 was a temporary situation associated with the ramp-up of Model 3 production.

Electric auto maker Tesla on Wednesday reported an "historic" quarterly profit driven by demand for its mass market Model 3, as the company looks beyond its U.S. home base to Europe and China.

Tesla Inc. was asked earlier this year by the U.S. Department of Justice for documents about its projections for the Model 3, the sedan that it struggled to manufacture last year.

It's only the third time that Tesla has posted a quarterly profit in its eight-year history as a public company and the first time in two years.

"Ultimately, given difficulties that we did not foresee in this first-of-its-kind production ramp, it took us six months longer than we expected to meet our 5,000 unit per week guidance", the spokesperson said.

Musk acknowledged in April that Tesla had attempted to automate too many production tasks at the Fremont factory and would use more human workers in the assembly process.

While Tesla tries to shake up the industry, long-established automaker Ford Motor Co. reported a net profit decline of 37 percent in the third quarter as sales slowed in the USA and China. He confessed the toll of the "excruciating" year he has had leading Tesla, particularly when crunching to meet Model 3 production goals.

The results will come as a relief for under-fire chief executive Elon Musk, who was recently fined and forced to step down as chairman by the Securities and Exchange Commission over a tweet it said was misleading. The aim is to shift up to a million cars a year outside the US.

More sales of the higher-priced versions of the Model 3, which carry fatter margins, will help profitability.

Company looking to expand Model 3 production. By contrast, positive cash flow means that more cash is coming in, allowing a company to pay down its debts.

Tesla, the automaker that's always lauded for its awesome success without actually generating money, turned a profit for the third quarter of this year.

Tesla is now generating cash, not consuming it and has largely managed to silence critics for the time being.

That was the same sentiment showed by Tesla's long-time critic and short-seller Citron Research, when it said earlier this week that it had a change of heart and is now betting the electric automaker's stock will rise.

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